埋葬对象 "还是 "物以类聚"？企业集团财务违规的传染效应--来自中国的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-07-23 DOI:10.1016/j.ememar.2024.101185

Shuonan Zhang , Yike Cai , Rongda Chen , Shengnan Wang , Xinyu Zhang , He Ren

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引用次数: 0

摘要

本研究探讨了 2012 年至 2021 年中国企业集团内部财务违规行为的传染效应。研究结果表明，违规行为会导致成员公司股价下跌，短期内主要由非理性的投资者情绪（"陪葬品"）驱动传染。受感染公司的财务和治理特征会恶化（"一窝蜂"），但不会影响其长期股票回报。缓解受感染公司的投资者非理性情绪有助于遏制传染。这项研究为企业集团治理和风险传染理论做出了贡献，揭示了新兴市场企业集团内部财务违规行为的独特非理性传染渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Burial objects” or “Birds of a feather”: The contagion effect of financial violations in business groups——The evidence from China

This study explores the conagion effect of financial violations within Chinese business groups from 2012 to 2021. Findings reveal that violations lead to stock price declines in member companies, with contagion primarily driven by irrational investor sentiment (“burial objects”) over the short term. The financial and governance characteristics of infected companies deteriorate (“birds of a feather”), but do not impact their long-term stock returns. Mitigating investor irrationality in infected companies helps curb contagion. This research contributes to business group governance and risk contagion theories, revealing a unique irrational contagion channel of financial violations within business groups in emerging markets.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.